marketing topic 3

manufacturing products requires
people, knowledge and resources
3 levels of marketing
domestic, international, global
domestic marketing
“a marketing strategy that focuses on customers in the home country.”
international marketing
“International marketing refers to exporting products to one or more countries outside the domestic market and remaining invested solely in the domestic country.”
global marketing
“A marketing strategy that consciously addresses global customers, markets, and competition in formulating a business strategy. (AMA)”
joint ventures
“An alliance between a firm entering a new market and a local firm to create a new company in which ownership, control, and profits are shared.”
exporting
“Producing products in one country and selling them in another.”
licensing
“An agreement between two companies in which the licenser grants the right to the licensee to use a process, trademark, patent, or other proprietary item for a fee or royalty.”
market attractiveness
“Criteria for evaluating the attractiveness of particular foreign markets include customer needs, customer purchasing power, market size, market growth rate, and market access. “
Competitive risk
“Competitors’ potential responses to the product’s entry into the local market.”
economic risk
“The risk that arises from macroeconomic conditions like exchange rates, inflation, and government regulation.”
Legal risk
Inadequate protection of contracts and intellectual property
Intellectual property
“Abstract forms of “property” such as patents, copyrights, and trademarks”
Political risk
“The risk that arises as a result of political changes or instability in a country.”
market entry strategies (4)
exporting, licensing, joint venture, foreign direct investment
core product
“The benefit the customer is buying.”
Reliability
“A dimension of service quality—performing the promised service dependably and accurately the first time.”
Foreign direct investment
“A controlling ownership in a business in one country by a firm based in another country.”
Standardization
“The ability for a business to use the same marketing strategy from one country to the next.”
Customization
“Tailoring the marketing strategy to fit the needs, tastes, and preferences of the local market.”
Marketing concept
“A view that companies should seek to satisfy customer needs and wants at a profit.”
glocal
“A strategy based on a standard platform (global) combined with some modification for the market (local).”